What is a vehicle repossession by a private party?
The recovery of a vehicle by a private seller rather than by a lending institution such as a bank.
Are there specific laws that regulate respossession of a vehicle by a private party or family member?
States establish repossession laws and the procedure will differ depending upon the state in which the vehicle is located. The one factor that is common in all US states to repossess a vehicle is that the person seeking the recovery has a legal right to do so. For example, the party who is owed the debt is shown as a lien holder on the title of the vehicle.
What are your rights when it comes to a car that just has a payment for half of the remainder owed and the private party it was being bought from has repossessed it for personal reason?
If the repossession occurred in a state that does not permit self-help repossession, report the car stolen; it cannot be legally repossessed. Louisiana and Wisconsin are two of these states. If you can show legal possession of the vehicle, and on time payment, report the car stolen. It cannot be legally repossessed in any state unless the debt is delinquent. If you do not wish to involve LEO's immediately, contact the private party who "repossessed"…
As a repossession investigator and agent liason, I can tell you that yes, in fact, I know of several instances of felony charges being filed against an individual for hindering repossession of a vehicle. Your lawyer's response may have been motivated more by the fact that he felt confident that he could successfully prevent prosecution, but nothing will prevent the vehicle from being repossessed aside from the destruction of the vehicle. In the event the…
What if the property from where the vehicle was towed was a private residence that was owned by somebody else and not the signer of the loan or lease?
When a repossession notice has been issued for a motor vehicle can the registration be renewed and if the car is pulled over by the police will the police hold the car?
Wave goodbye to the car and all its contents. Oh! You can remove your children and pets, I almost forgot. * The lender must send the borrower a "Right To Cure" notice twenty days before initiating repossession methods. The exceptions to the law are, "skips", leased vehicles, lack of insurance coverage on vehicle, or the vehicle is in the possession of a third party. The repossession must be done without constituting a breach of peace…
No, you have it wrong. The repossession guys found THE BANK'S car. Once the bank takes the right paperwork to the court, the vehicle is no longer yours and you have no rights to it. The bank may have hired a private investigator to find the vehicle, especially if there is enough value that they want to pay off some of the loan.
Can someone remove a car from private property without asking owner to remove it himself not a repossession company?
No. The only vehicle that can be repossessed is the vehicle for which the agent has a valid order of repossession, OR in some cases, a vehicle the agent encounters (such as reported by a camera car) in the process of locating another repossession. Anything other would be wrongful repossession or possibly grand theft auto and extortion.